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Europe’s biggest financial markets would fall into American hands unless the London Stock Exchange succeeds in its bid to merge with Deutsche Boerse, the head of the German exchange has warned.

Speaking after the two markets laid out the details of their £21bn tie-up, and with rival bidders from around the world waiting in the wings, Carsten Kengeter said the deal was the best chance of Europe’s bourses competing on the world stage.

“If this merger does not take place, the European capital market architecture will probably soon be in American hands. And one does not need to be the CEO of the Deutsche Boerse to shudder at that thought,” he told the German media. “The clock is ticking in Europe,...